135.16 CAPITAL IMPROVEMENT AND PROJECT FUND.

   (a)   The Capital Improvement and Project Fund shall be created and two expense accounts shall be established under the fund. The first expense account shall be the Capital New Equipment Account and the second expense shall be the Capital Improvements/Special Project Account.

   (b)   The Capital Improvement and Project Fund shall be funded by monies from the General Fund and other sources, pursuant to the Codified Ordinances of the City and the Ohio Revised Code.

(Ord. 46-06. Passed 7-18-06.)

   (c)   Financing of the Capital Improvement and Project Fund will be as follows:

      (1)   Beginning January 1, 2021, three and three-fourth percent (3.75%) of all General Fund Revenue will be deposited to the Capital Improvement and Project Fund. (Ord. 112-2020. Passed 12-15-20.)

      (2)   The New Equipment Account balance shall never exceed five hundred thousand dollars ($500,000). All revenue received over the five hundred thousand dollar ($500,000) maximum limit shall be returned and credited back to the General Fund. There shall be no maximum balance for the Capital Improvements and Special Projects Account.

      (3)   All expenditures drawn from the Capital Improvement and Project Fund shall require prior Council approval unless previously specifically authorized by Council for expenditure in the annual budget.

         (Ord. 31-2013. Passed 5-7-13.)